Tag: pension
Caroline’s pension fund rising from the ashes
In Maryland, success stories about rural local governments often do not make the news. Unlike the...
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Critics slam pension fund performance, system slams critics
Persistent critics of the investment performance of Maryland’s $45 billion pension fund for state teachers and employees are again slamming the fund for failing to match the performance of other state pension systems, even though its 14.4% return was nearly twice as high as the fund’s target.
Read MoreBarry Rascovar: O’Malley’s latest pension grab
It takes quite a bit for the quiet, diplomatic State Treasurer, Nancy Kopp, to criticize her fellow Democrat, Gov. Martin O’Malley. But she gently laid it on the line in opposing O’Malley’s $100 million budget cut for state pension contributions.
“It’s a question of trust,” Kopp said
Read MoreLegislator wants to reduce risky investments in pension fund
A legislator who has spent his career as a financial advisor and investor is seeking to force the state pension system to limit what he sees as risky investments in private equity, hedge funds and other alternative assets.
The investment managers at the State Retirement Agency told the House Appropriations Committee Tuesday that Del. Steve Schuh’s legislation, HB819, will mean lower returns on investment and less diversification for the $38 billion fund that pays for pensions for teachers and state employees.
Read MoreBenefits commission recommends health insurance cuts, shifting teacher pension costs
By Len Lazarick [email protected] A commission on state retirement benefits voted Monday to recommend cutting the state costs of health insurance 10% by hiking premiums and reducing coverage for state employees and...
Read MorePension commission delays decisions – but is told it can’t reduce COLAs
The commission examining changes to state retirement benefits put off any decisions until at least next week, but staff on Monday told the members that they couldn’t alter employee cost-of-living adjustments (COLAs) – one of the largest areas for potential savings.
Freezing or capping COLAs for current and future retirees for five to 15 years was one scenario suggested to the Public Employees’ and Retirees’ Benefit Sustainability Commission. But Michael Rubinstein, a legislative analyst staffing the commission, told the commission that “simply from a legal question that approach is not viable.”
Read MoreTeachers’ union criticizes pension commission process as rushed, “offensive”
The executive director of the state teachers’ union said the process being used by the commission considering changes to state pensions was “offensive,” rushed, and lacked both details and consultation with affected employees.
“The whole discussion has been how are we going to cut costs,” David Helfman, executive director of the Maryland State Education Association, told reporters Thursday at a briefing. “There’s no indication that it’s being done in good faith.”
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